This article about Bangkok luxury condominiums features insights from Singha Estate. Dot Property and Singha Estate are hosting a FREE webinar for agents and brokers in Thailand on February 11. Click here to reserve your spot. (Please note, the webinar will be in Thai).
The Bangkok luxury condominium market recorded significant growth during the past decade. Competition in the sector has been significant as established developers were joined by newcomers, such as Singha Estate. This has led to greater innovation as homebuilders needed to find new ways to meet the discerning needs of upscale property buyers.
However, innovation hasn’t simply come in the form of new technologies or more impressive facilities. Developers had to rethink the impact location can have on luxury projects. This was something not lost on Singha Estate.
“Each location comes with a different uniqueness. For the condominium sector, when we choose a location, it must be within walking distance of public transportation, such the BTS or MRT,” Khun Sirikiat Vadabukkana, Singha Estate Vice President of Sales and Marketing (Residential Development Division), stated. “Also, the location must provide our buyers a convenient lifestyle.”
Singha Estate has launched luxury condominium developments in traditional Bangkok luxury hotspots, including Thong Lor and Asoke, as well as more non-traditional areas such as the Asoke-Phetchburi intersection. Regardless of location, the homebuilder aims to develop best-in-class luxury projects that are unique.
Looking to 2021 and beyond, Khun Sirikat believes the Bangkok luxury condominium market will remain concentrated in traditionally popular areas, but land prices and other factors may see some developers explore new locations.
“People like to experience new things. Each location has its own uniqueness. Luxury projects have infiltrated many areas in Bangkok, but mostly along the BTS Green Line between Thong-Lo and Siam Station,” Khun Sirikiat said. “I believe in the next few years the luxury condominium market in Bangkok will mainly remain in the current area but with new thinking in terms of development. The infrastructure of some specific areas will guide developers to launch luxury projects in surrounding neighborhoods.”
This article also appears in the Dot Property Thailand Real Estate Outlook 2021.
